11 Nov 2013 07:00
11 November 2013
Hummingbird Resources plc
("Hummingbird" or the "Company") (AIM: HUM)
Change of Adviser
Hummingbird, the Liberian gold exploration and development company with a 3.8Moz gold Resource, is pleased to announce the appointment of Cantor Fitzgerald Europe to act as its Nominated Adviser and Corporate Broker with immediate effect.
ENDS
Enquiries:
Hummingbird Resources plc
Daniel Betts, Chief Executive Officer | |
Thomas Hill, Finance Director | |
Robert Monro, Head of Business Development | +44 (0) 203 416 3560 |
Cantor Fitzgerald Europe | |
Nominated Adviser and Broker | |
Stewart Dickson / Jeremy Stephenson | +44 (0) 207 894 7000 |
FTI Consulting LLP | |
Financial PR | |
Ben Brewerton / Oliver Winters | +44 (0) 207 831 3113 |
Notes to Editors
About Hummingbird Resources Plc
Hummingbird Resources plc is an AIM quoted mineral exploration company incorporated in England and Wales and headquartered in London. Since its establishment in November 2005, the Company and its subsidiaries (the "Group") has been active in Liberia, West Africa, and is currently the holder of the largest area of mineral exploration ground in the highly prospective Birimian geological region of eastern Liberia. The Group's total Inferred Resource is 3,835,000 ounces of gold. The Group has published a PEA on its project showing on a 3.5Mtpa tank leach operations an NPV of US$337m on a Capex of US$212m for an IRR of 43.4%. This gives a payback period of 3 years and is based on a 10% discount rate and US$1,500 gold price (three year average gold price at time of release).
The Group has published a NI43-101 compliant Inferred Resource on its Dugbe F deposit of 43.01 million tonnes at 1.28 g/t Au to give 1,764,000 ounces of gold using a lower cut-off grade of 0.5 g/t Au and no upper cut-off grade. In addition, the Group has declared an Inferred Resource on its Tuzon project of 51.1 million tonnes at 1.26 g/t Au to give 2,071,000 ounces gold using a lower cut-off grade of 0.5 g/t Au and an upper cut-off grade of 7.0 g/t Au. Tuzon lies 2.6km to the east of the Dugbe F deposit. Exploration is being carried out to best industry practices.
In 2013, the Group is moving the Dugbe 1 Project towards feasibility with 15,802m of infill drilling completed this year.
The Group currently holds exploration licences covering over 5,000 square kilometres in total, which constitutes a significant proportion of eastern Liberia containing the Birimian sequence.
For more information, please visit www.hummingbirdresources.co.uk
Hummingbird (HUM)